I hate shopping, but I’m really efficient at it - travel boss Paul Hackett’s golden money rules

Paul Hackett, CEO and co-founder of Click&Go Holidays, says his approach to money has changed considerably over the course of his career.

Early in his working life, he focused heavily on saving in order to secure a deposit for his first home. As his career and businesses developed, he became more comfortable spending, concentrating on running Click&Go Holidays and meeting financial commitments rather than closely monitoring every expense. In recent years, however, his priorities have shifted again.

After navigating the financial impact of the pandemic on the travel sector and refinancing the business, Hackett made clearing debt a personal priority. By the time he turned 60, he had become completely debt-free. Today, his main financial focus is strengthening his pension while continuing to enjoy travel.

Hackett admits he can be impulsive when it comes to major decisions — including putting deposits down on properties — but is far more practical with everyday spending. He dislikes browsing in shops and prefers to shop efficiently, often buying several of the same item when he finds something he likes.

One of the most valuable purchases he ever made was laser eye surgery in the late 1990s, which cost £7,000 but continues to benefit him decades later.

Travel remains central to his life. Having been fortunate to experience many destinations through his work, Hackett and his husband now plan to take one major holiday each year for as long as they can. Their next trip will take them to Egypt, where they plan to visit Cairo and the new Grand Egyptian Museum before enjoying a Nile cruise and time on the Red Sea coast in Hurghada.

Reflecting on investments, Hackett says his most important personal investment has been his husband Bryan, while a well-timed investment in an Asian fund in 2007 — combined with favourable currency movements — delivered one of his strongest financial returns.

Overview:

• Paul Hackett says his relationship with money has evolved from saving early in his career, to spending during his business-building years, and back to saving for retirement.
• He describes himself as impulsive with major decisions but practical and efficient with everyday shopping.
• Clearing debt after the pandemic became a key priority, and he is now debt-free and focused on building his pension.
• One of his most worthwhile purchases was laser eye surgery in the late 1990s, which he says still benefits him today.
• Despite founding an online travel company, he prefers to shop in-store for clothes and shoes.
• His ideal trips focus on one major holiday each year, with a forthcoming trip to Egypt including Cairo, the Grand Egyptian Museum, a Nile cruise and Hurghada.
• His best personal investment, he says, is his husband Bryan, while a past Asian fund investment delivered strong financial returns.

Link to the Business Post Article